Other 50:50 life insurance company, through the transfer of shares, most broke the set the initial ratio, which must be a shareholder in the holding position, such as stationed in the banking system. Another example is the part of the public funding system positioning. As of now, the company has already broken the proportion of the original 50:50 10.
October 12th, twenty-first Century economic report reporter combing the 27 joint venture life insurance company equity changes, 27 of the 14 companies in the equity change (up to three degrees transfer, renamed twice), 2 are looking for intent to invest in.
In other words, only 11 joint venture life insurance companies from the opening has not changed the shareholders, and the 11, 5 for nearly five years before the establishment of the company.
Foreign life insurance in the development of the Chinese market has been close to 20 years, the earliest established a group such as the 1996 Manulife Sinochem life. The newly established a 2013 as the DS Huaan Gu. As of now, a total of 28 Foreign Life Insurance Companies in the domestic business, in addition to all other life insurance AIA, the joint venture company.
But the joint venture life insurance companies in the domestic market development is still difficult, according to the latest data released by the China Insurance Regulatory Commission, 28 Foreign Insurance Companies in the market share of only 4.7%. Joint venture life insurance company is developing slowly, and the frequent changes of Chinese and foreign shareholders, strategic swing is one of the key factors.
From the point of view of the newly established joint venture company of property of shareholder, petroleum, aviation, mining and other state-owned enterprises, the central enterprises and developed countries mature insurance company to a 50:50 ratio of joint venture, such as CITIC Group and Prudential, petroleum finance company and Generali of Italy, COFCO group and Aviva, a British insurance set.
And from the point of view of change after the property of shareholder, China is part of the state-owned enterprises exit, turn by large banks and private capital successor more, such as ICBC, bank, China Merchants Bank, shares the same side, Hong group, such as the. There are seven joint ventures of foreign shareholders equity dilution and even all the transfer, including the United States, New York life exit, the French life, Singapore and the East were to give half of the equity.
"50:50" equity ratio is gradually broken
Joint venture life insurance launched when the basic, in accordance with the proportion of foreign investment in 50:50 set. But it is because such "close" the proportion of shareholding, and domestic and mature insurance market completely different environment, making joint venture business ideas tend to swing.
From equity changes in the table, we can see that some of a more stable business joint venture life insurance, although the scale is still small but has been profitable, such as Prudential, Italian life, British life, Manulife Sinochem life etc..
Other 50:50 life insurance company, through the transfer of shares, most broke the set the initial ratio, which must be a shareholder in the holding position, such as the banking system entered, acquisition of AXA Life 60% stake in ICBC, former shareholder AXA of France and China Minmetals Group, different degrees of equity concessions; acquisition of Bank of communications in Baokang associated. At first it was just a total equity china life holds 51% of the equity, shortly after and from the Australian colonial group transferee of the 11.5% stake, the foreign investment by the original 49% drop to 37.5%.
Stationed in the Department of public funding for example, Sino French life original shareholders of the State Post Bureau of China and French life, willingness to quit, after years of negotiation and bidding long, from Shanghai Hong Group transferee 50% stake, Jiuding asset transferee 25%, French life is ultimately retained by 25%.
As of now, the company has already broken the proportion of the original 50:50 10.
"Because of the large proportion of ownership, only a joint venture can choose, but the 50:50 ownership model, the company has the intention of the transfer of shares, most of the two sides business philosophy is not, a stalemate." One is looking for life insurance equity investment opportunities agency staff on twenty-first Century economic report reporter said.
In fact, the proportion of 50:50 is very difficult to break through, or is a highly competitive advantage of bank capital, or is a very competitive private capital, the other is difficult to break the original stake.
For example, Aegon-Cnooc, former shareholder CNOOC will be 50% of the equity transferred shares the same side, later renamed the same side of the global life, equity ratio is 50:50.
Another example of life in the Netherlands and Winterthur life, the two companies and foreign shareholders of both were transferred its stake, except names, shareholders and management team frequently change. Founded in 2002, formerly known as ING Capital Life in the netherlands. 2009 its largest shareholder capital group will be transferred to the equity transfer to the Bank of Beijing, in 2014, the other one to launch the transfer of equity interest in the ING group to the Bank of Paris.
Skandia BSAM was established in 2004 and 2010 Chinese shareholder Beijing state owned assets management company will be transferred to the state power capital holding 50% of the equity, in 2013, Scandic foreign shareholders of public insurance will 50% of the equity transferred to the elderly Guardian Life Insurance Co., Ltd. (South Africa).
Seven foreign equity dilution or exit
Joint venture life insurance companies in the proportion of foreign ownership is declining. According to the 21st Century Business Herald the comb, in addition to Sun Life Everbright Life, CCB life (formerly Pacific Aetna Life) has been transformed to Chinese companies, equity had changes of 14 companies, seven foreign stake diluted or to take the initiative to quit.
Including France's AXA holdings ICBC AXA ratio fell to 27.5%; Australia CMG group holding silver CMG ratio fell to 37.5%; Japan Meiji Yasuda Life Insurance Holdings, Peking University Founder life ratio dropped to 29%, and before the Meiji Yasuda insurance, New York life are fully transferable to 50% of the founder life equity (then Haier New York Life 50% stake), Singapore, great eastern listShares in the new Great Eastern ratio dropped to 25%, Nippon Life Insurance holding longevity life ratio dropped to 30%, French Insurance Holdings in Sino French life ratio dropped to 25%.
From the view of the current situation, the foreign investment life insurance is gradually divided into three categories:
First, the banking system. With the help of the bank shareholders of customer resources and channel scale to rapid expansion. AXA ICBC before this year 8 months of the size of the premium reached 16.6 billion, ranking first in the joint venture life insurance, all life insurance companies ranked 21st. Membership banking and CIGNA, life in the Netherlands, silver CMG, coupled with the restructuring of the Sun Life Everbright and CCB life, quickly realize the profit.
Equity has been stable and the integration of foreign ideas, is the beginning of the establishment of the joint venture company in twenty-first Century. Zhonghong, MetLife and Prudential Life Insurance as the representative, attention and insist on cultivating agent channel and set up a new DS Hua Angu also focus on cultivated a dangerous channel. HSBC Life in 2013 to stop the agent channel, focused on the development of high-end crowd through HSBC and Hang Seng Bank to protect the business.
Emerging appeared to be holding public funding of joint venture life insurance company, which mainly concentrated in 2008 after the establishment of joint venture life insurance company, and equity through private capital holding companies to achieve. The main channel, Baode Fosun founder life, Sino French life etc..
Analysis of the industry said that private capital participation is conducive to the increase of the joint venture company investment channels and resources, the Chinese shareholder has stable cash flow of project financing, and infrastructure energy projects to expand the advantages of the scope of investment, risk diversification, improve the rate of return.
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